Are we fighting a losing battle for a severely overpriced property?

csgohan4

OP, don't bother, walk, if i was the vendor, you letter would be in the bin.

Whether realistic or not, it's the vendor's choice. Giving reasons to reduces price will only insult them and black list you from their house

Bossypants

I feel your pain OP. There is currently a lovely house where I am looking which would be perfect for me, only it's priced about £75k over where it 'should' be in relation to the rest of the market. It's a shame because I'd be chomping at the bit otherwise, but with such a significant gap in perceptions, you can't expect to find a compromise. If I were you I would leave your offer on the table and keep looking. They might suddenly see things your way and decide to get in touch, but if they do, it will be something they come to on their own, no amount of letters from you will be able to logic them into it.

Good luck on your search!

TuppenceWorth

I agree the analysis is only useful to you.

Would go straight in the bin for me too.

My thought would be, if you are so adamant that my price is much higher than comparatives, then go and buy one of the many other bargains. I would also expect more shenanigans down the line.

Keep an eye on this one while looking elsewhere at the same time.

AnotherJoe

TuppenceWorth wrote: »

I agree the analysis is only useful to you.

Would go straight in the bin for me too.

My thought would be, if you are so adamant that my price is much higher than comparatives, then go and buy one of the many other bargains. I would also expect more shenanigans down the line.

Keep an eye on this one while looking elsewhere at the same time.

^^^^^ this

pulliptears

Some people are deluded. My neighbour bought his house 2 years ago for £240,000. He's done nothing to it. So much so that the new listing with agents actually uses a lot of the original selling photos. Asking price? £290,000
7 months on and 2 of his immediate neighbours have sold for a much more realistic 240,000 but his price remains the same.

Suspect it will be some time before a sale is forthcoming...

Carrot007

pulliptears wrote: »

Some people are deluded. My neighbour bought his house 2 years ago for £240,000. He's done nothing to it. So much so that the new listing with agents actually uses a lot of the original selling photos. Asking price? £290,000
7 months on and 2 of his immediate neighbours have sold for a much more realistic 240,000 but his price remains the same.

Suspect it will be some time before a sale is forthcoming...

Reminds me of a house I looked at when moving. Though not upped as much.


Though in this case they litrally did nothing to it! By which I mean cleaning as well. It was a pit. Probably need £10,000 to clean it! (The estate agents did say they knew it was both overpriced and dirty when we gave feedback).

Smi1er

I would have told the agent we really like the house, but can see it sold for X in May. Whilst I can see the works have added value I don't agree with the current valuation. If the value drops to a figure that starts with a "3" then contact me for an offer.

I'd be leaving it at that

Tom74

I think you might be fighting a losing battle. I don't think the seller will even consider lowering the price unless he or she thinks you are serious about pulling out of the purchase.
You probably need to listen to your gut feeling here - if you fear you have offered far too much for the house (and your research also backs that up) then you probably have.
It might be better to treat it all as a lesson learned and look for somewhere else.

Out,_Vile_Jelly

If it's for sale at a silly price after just six months, I would suspect the vendors might be going through a messy break-up. Avoid.

Okrib

I used to be an agent. Trust me, don't send that letter. Really, really don't. Your points might all be correct, the agent might know it's overpriced and be planning on adjusting the vendor's expectations gradually. Did the agent selling it sell it previously? Because if so they could have said it would be worth this sort of figure once the work was done...

All that letter is going to do is mark your card as a buyer who is going to be difficult to deal with. Property buying is not a rational exercise, if those other properties are all better value for money why aren't you buying them? Because there is something about this property that you like - that's emotion coming into it. Have you asked the agent what the vendor will take?

Put your best and final offer on the table and then move on to other properties. The vendor might well realise in a few weeks that they are asking too much and you might find yourself receiving a phone call.

Oh, some more advice - no agent would take an offer such as £358,975 seriously. That might be the sort of figure you settle on after negotiation but as a first offer it's a ridiculous figure. Round numbers are best.

I am astonished that a buying agent would recommend you send a missive like that.